St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-25
On the Chicago Board Of Trade Rather
Rearish Feeling Prevailed at
the Opening.
The Weakness Was Mainly Due to the
English Markets, Which We're
Taking Tumble.
No One Was Badly Hurt, and Later on
Confidence Was Almost Com
pletely Restored.
A Big Furry in the Financial Circles Of
Wall Street.-The General
Record.
Snecial to the Globe

Special to the Globe.
CHICAGO, June 24.-If there has been any
doubt seriously entertained of the soiidity of
the Chicago banks, individually or as whole,
that doubt was removed to-day. The mystery
which has Swallowed the wheat pit has been
lifted, and when July wheat opened at 7oasc
this morning it was a sure indication of con-
tidence restored. The statement made by
Vice President Dewey regarding the affairs of
the American Exchange National bank
Is found to be literally correct.
The capital of the Institution
is unimpaired, with the exception
of S29S,000 as already admitted by Dewey.
OF twelve leading stockholders of the bank,
any one of them could make the impairment
good. Ten O'Clock came this forenoon and
July wheat had not fallen once to zoe
Large quantities had been thrown on the
market, butthe option was not worked below
70lac, clinging at that figure as if it were
being pegged there. July corn sold at 364sc,
July oats at 25ssc, July lard at So. 1914 and
August ribs at ST. 1919, The
SENSATION OF THE DAY
came from New York, and it was genuinely
sensational. Manhattan elevated stock,
which showed signs of shakiness Yesterday,
was propped by Cyrus W. Field, who placed
1000 shares ION tap and directed their sale
when needed; but this morning Russell Sage
threw block of 10000 shares on the mar
ket. and within an hour broke it from SI56
TO Sl2O. Western Union opened at 75Ssc,
and fell to 69c. The drop was very general.
The bears at this end of the line were greatly
exercised. The break affected the Chicago
market within twenty minutes, and be-
fore IL O'Clock July wheat was selling
at 697sc. The depression in New York was
regarded as one consequence of the collapse
OF the wheat clique here "We are getting
down to bed rock values all around" re-
marked veteran trader 'Manhattan Ele-
waited has been ballOoned and ought to come
down for inspection. Gould, Field and Sage
knew that 156 was an unusually high figure
Tor Manhattan, and the crswd have. found it
out. A meeting of Roeeslfe2d.s creditors
was to have been he'd this afternoon, but at
the eleventh hour neither Rosenfeld or his
attorneys appeared. A coalmittee was then
appointed to look after the Interests of the
editors.
TIE ROUTINE REPtRT.
CHICAGO, June GA beariSh feeling pre-
vailed at the opening OF the board and July
wheat which opened az 7UaSd1T0s4c, imInedi-
ately sold down to 7Cese aud continued to sag
during most of the first hour. The weakness
was mainly due to the English markets,
which were I'd lower, ana the general feeling
of uncertainty which prevailed. July sold
down to 704c. The heavy break and ubse-
ouent panic in the New York stock market
caused quite an uneasy feeling in wheat
here for time, and this, coupled with the
cause mentioned above, resulted in breaking
July wheat off to 6934c during the morning.
While the furore was on Il majority of the
traders in wheat were quietly selling, or try
ing to sell, and when it was found later on
that no one was hurt III the general shaking
up at New York. CONFIDENCE was re-.
tIn ND
largely short The buying to cover these
contracts caused a reaction in wheat
and July recovered its lost ground and ad-
vanced to 70Ac. After the evening up pro-
cess had been completed July got back to
its old station around zoe, and became quite
steady, closing at 70i8c. Corn ives quiet and
trading was limited to local operators. The
feeling was easier, and values ruled lower, in
fuenced somewhat by the decline in wheat
The decline in stocks in New York also had
n tendency TO create uneasineSS. Trading
was mainly in the way Of Changing July "a
the more deferred deliveries at the ruling pre-
MUM. Receipts continue limited, and esti-
mated arrivals for tomorrow are light. July
opened unchanged at 364Sc, sold down to
36is, and closed at 36iAc. a steady feeling
prevailed in the oats markets as cOmpascd
with yesterday closing Desired deliveries
showed about Ac Improvement. July de-
livery was also slightly frmer.
The volume Of business done
was rather light, and deferred deliveries are
attracting the most attention. The arrivals
are still very moderate. Not much inclina-
ton Was manifested to trade in provisions
to-day, and a comparatively steady feeling
prevailed. There was no particular pressure
TO sell in view of the steadiness in the hog
markets and the continued liberal shipments
of all kinds of products, while there was
very little speculative inquiry. Fluctuations
in prices showed ne particular change. Trad
ing was almost exclusively in lard and short
rib sides for August and September delivery.
of ffrYrfS
opened at $3.50 sold down to 81. 22H., and
closed at $7.25. July lard started at Sc. 37Ia
and sold down to Sc 50, the closing figure.
rHR QJorATIoNs.
The leading futures ranged as follows:
Wheat-No June opened at 6975c, closing
at 692ac; July. 70Tsc, closing at 701Sc;
August 1880. closing at 72iac; September,
74Ac, closing at 7f5sc. Corn-No. 2 June
closing at S61se; August, 3SHc, closing al
373.c; September, 39sac, closing at 39lsc.
OatS-No. z June opened at 25tSc, closing at
25Ac; July. 25ssc. closing as 25ssc; August,
opened at Se2, closing at S22 Lard per 100
lbs-June opened ut ST. 31l2, closing at So. 80 |;
July, S6.37ls. closing at IS. So; August,
closing at S6.47ls. Short Ribs per 100 lbs
s7.s5; July, $50, Closing at s725:
August; 81 42ls. closing at S7;371s !;
September, $3.50, closing at STATE
was in better demand, but prices are steady
and unchanged Wheat-No. spring, $685.
@69tac; No. 5 spring. 63c; No. 2 red, 100
a2Ac: corn-No; :, $3.50. oatSNe. 2,
Seed-Prime, $s.I2@215. Mess pork. 't per
Dbl, $50. Lard, per 100 lbs, So. 35@6. STE
Short ribs, sides, Loose, S725; dry salted
ci6nS hAYpd EslfnT 10 NrhiSlrv--nictin